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Britain is past its peak. The economy, once a roaring engine of growth, is now firmly into middle age and losing its potency. That is the fear of Ben Broadbent, the deputy governor of the Bank of England.

Productivity growth is in a funk. The amount that each worker produces in an hour has barely crept up in the past decade, and even fell 0.5pc in the first three months of this year.

It is a worry because this is a crucial driver of living standards. Only by becoming more productive can wages rise, and prices fall relative to incomes.

If this is the start of a lengthy era of low productivity growth it could have serious consequences for Britain.